Rocket Pool v3.0 Beta — Staker’s Guide
Introduction
Welcome all to the public beta for the latest, greatest version of Rocket Pool! This guide will walk you through how to stake testnet ETH in the beta when it launches on the 18th of March 2021 at 00:00 UTC. We’ll also see how to use some other features, like viewing the state of the Rocket Pool protocol.
If you just want to stake your ETH in the easiest manner without running a node, this guide is for you! If you’d like to run a node, check out our Node Operator’s Guide. Of course, you’re welcome to do both ;).
This beta runs on the Goerli testnet (for Eth 1.0) and the Pyrmont testnet (for Eth 2.0). This means we’re using the same real-world configurations that will be in effect on the Eth 2.0 mainnet. As such, validator rewards will take a long time to grow, as will returns for regular stakers. This beta will run for a long time in order to see the returns in action, as well as to test out periodic Rocket Pool contract upgrades and new features.
Note: This beta is running entirely on test networks, which means no real ETH is used at any point. DO NOT attempt to use real ETH at any point during the beta.
Getting Started
To stake with Rocket Pool in the beta, you’ll need:
- A desktop or notebook computer
- Google Chrome, Mozilla Firefox, Opera or Brave with MetaMask installed, or a web3 enabled browser
- Some Goerli ETH to stake
Throughout this guide we will be using MetaMask; if you’re using a web3 enabled browser, consult its documentation for the relevant steps.
1. Install MetaMask
If you haven’t already, install the MetaMask browser extension. Just visit https://metamask.io/ and follow the links. Once you have installed MetaMask, you will need to create a new account and sign in — just follow the instructions as they appear.
2. Connect to the Goerli testnet
Open the MetaMask panel using the icon in your browser toolbar, and click on the network dropdown in the toolbar at the top. Select Goerli Test Network.
3. Add the rETH Token to MetaMask (Optional)
If you want to see your rETH balance in MetaMask (or if you want to send rETH to other addresses), you’ll need to add the rETH token contract to it. Open MetaMask, click the Assets tab, then click Add Token. Choose Custom Token, then add the following details:
- Token Contract Address:
0x62BC478FFC429161115A6E4090f819CE5C50A5d9 - Token Symbol:
rETH - Decimals of Precision:
18
Click through the rest of the prompts, then you should see the rETH token appear in your list of balances.
4. Go to the Rocket Pool beta site
Head on over to https://beta.rocketpool.net/ to get testing!
If you see a notice about a web3 browser being required, or the current network ID being unsupported, make sure you’ve completed steps 1 and 2 correctly before continuing.
5. Connect your wallet
Click the select wallet button in the middle of the page, then select connect metamask. MetaMask will prompt you to select an account to connect with the beta website. Choose one, confirm some permissions, and you’ll see your account blockie along with your ETH and rETH balances (which will both be zero for now):
6. Get some Goerli ETH
You can get your hands on some Goerli ETH from one of the following faucets:
Once you request your Goerli ETH, wait for your transaction to be mined and head back to the Rocket Pool website, and you should see your updated balance on the dashboard.
Staking
Now for the part you’ve been waiting for — staking that ETH! We’ve made some serious changes since the previous version of the Rocket Pool platform, and staking couldn’t be easier. You don’t have to worry about which nodes your deposit is assigned to, how long you want to stake for, or basically anything :). Simply trade your ETH for rETH, which increases in value as the network earns rewards. When you’re done, swap it back for more ETH than you started with!
Just enter an amount of ETH to stake into the form in the middle of the page, agree to the ToS, and click start. You’ll see a MetaMask window asking you to confirm your transaction. Go ahead and click confirm, and after a short wait, you’ll see your balances update!
If you received less rETH than the amount of ETH you put in, that’s normal. rETH and ETH have a dynamic exchange rate, which goes both ways. As the network earns rewards, 1 rETH will become worth more than 1 ETH, which in turn means 1 ETH will buy less than 1 rETH.
Cashing Out
If you wait patiently for a few weeks/months, the rETH : ETH exchange rate should climb up a little. At this point, you might want to burn your rETH and take some profits!
This is just as easy as staking. Simply head back to the beta website and click the arrow button on the trade form to switch to trading rETH for ETH. Then enter the amount of rETH to burn, click start, and confirm the transaction!
You’ll notice that even though Eth 2.0 withdrawals aren’t implemented yet (and validator balances are locked away), you can still claim your ETH. This works because you’re actually burning your rETH for excess ETH which is still in the deposit pool, waiting to be assigned to nodes. Effectively, you’ve traded your staking position with a stranger who’s just started staking. Neat!
Viewing the Network
One other feature of the Rocket Pool beta website is a map showing you the current state of the network by geographic region. If you want to check it out, just click the Network Map link in the header. Here, you can see how many nodes are in each area, along with how much ETH is staking under each of them! Node operators take note — if you want to keep the network decentralized, consider spinning up a VPS in a region which has fewer nodes already :).
Questions or just say hello!
Well 10 points to you for making it this far! If you have beta questions, feedback, bug reports or want to know a bit more about us, why not swing by for a chat and say G’day! You can view our website or have a chat with us in our chat room that anyone can join. If chat rooms aren’t your thing, we’re also on Twitter!
